Oil Capital Presentation - Chariot Oil & Gas

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Oil Capital Presentation - Chariot Oil & Gas
Oil Capital Presentation
High Impact Atlantic Margins Oil and Gas Company
June 2019
Oil Capital Presentation - Chariot Oil & Gas
Disclaimer and forward looking statements

These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation
for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be
relied upon in any manner or for any purpose whatsoever.

These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging
in an investment activity and any decision in connection with a purchase of shares in the Company must be made solely on
the basis of the publicly available information. Accordingly, neither the Company nor its directors makes any representation
or warranty in respect of the contents of the Presentation Materials.

The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without
notice or liability to any party. The presentation materials contain forward-looking statements which involve risk and
uncertainties and actual results and developments may differ materially from those expressed or implied by these
statements depending on a variety of factors. All opinions expressed in these Presentation Materials are those solely of the
Company unless otherwise stated. No representation or warranty, express or implied, is made as to the fairness, accuracy or
completeness of the information or opinions contained herein, which have not been independently verified. The delivery of
these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no
adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the
Company since the date of these Presentation Materials.

The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced,
further distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (except the
recipient’s professional advisers) or published, in whole or in part, for any purpose whatsoever. The Presentation Materials
may not be used for the purpose of an offer or solicitation to subscribe for securities by anyone in any jurisdiction.

www.chariotoilandgas.com

                                                                                                                        June 2019   2
Oil Capital Presentation - Chariot Oil & Gas
High Impact Atlantic Margins Oil & Gas Company

  Balanced exploration                                   • Exploration assets in Morocco, Brazil and Namibia
  portfolio with                                         • Transformational Resources in a prospect inventory with balanced risk & reward
  giant potential                                        • Low risk exploration and appraisal assets in Morocco

  Material,                                              • Anchois Discovery – 307 Bcf* 2C, with deeper 116 Bcf* PR
  high-value gas                                         • Material low risk exploration satellites with 558 Bcf* PR tie-back potential
  appraisal project                                      • Additional on-block exploration prospect inventory of >850 Bcf ** PR running room

  Growing Moroccan                                       • Bulk of power generation from imported coal, fuel oil and gas
  gas market with                                        • Moroccan energy demand expected to double between 2015 and 2030
  attractive gas pricing                                 • $8.50 - $9/mcf expected gas price to the power sector

  Strategy focused                                       • Anchois development delivers strong returns and significant cashflow
  on transformational                                    • Exploration Portfolio offers potential for transformational growth
  value                                                  • Risk management through partnering and strict capital discipline

  Experienced and                                        • Experienced and high quality in-house team
  operationally                                          • Proven operating capability throughout the value chain
  excellent team                                         • Focussed on creating significant shareholder value through project delivery

  Strong Balance                                         • 2018 YE Cash $19.8m
  Sheet through                                          • No material remaining work programme commitments
  Capital Discipline                                     • Annual cash overhead
Oil Capital Presentation - Chariot Oil & Gas
Balanced Exploration Portfolio with Giant Potential
                        Brazil                                                               Morocco                       Namibia

• Identified large structural prospect                               • RSD-1 well indicates the potential     • Prospect S well encountered
  with multiple stacked targets from                                   for a new petroleum system with          excellent quality water bearing
  proprietary 3D seismic                                               migration from a Cretaceous or           Cretaceous-aged turbidite reservoir
• 7 stacked reservoir targets                                          younger source rock charging Upper       sands
  including drape over a 200km2 4-                                     Jurassic reservoir quality             • Post-well evaluation indicates that
  way dip-closed structure, with                                       sandstones and effective seal            the internal source kitchen is
  individual prospective resource                                    • MOH-B 637mmbbls* is an attribute         immature neighbouring the well
  ranging up to 366mmbbls*                                             supported, Upper Jurassic clastic      • Prospects V & W access an
• Single well in Prospect 1 can                                        prospect in 400m WD                      outboard source kitchen, different
  penetrate 911mmbbls* of                                            • KEN-A 445mmbbls* is an attribute         to the inboard kitchen required by
  prospective resource in TP-1, TP-3                                   supported, Upper Jurassic clastic        Prospect S
  and KP-3 targets                                                     prospect in 750m WD                    • Prospect V 339mmbbls* is a 4-way
• Partnering process initiated for a                                 • SNL-1 is a very large sub-Nappe          dip closed trap targeting those
  partner to join in drilling to follow a                              structural lead in Lixus with the        sands encountered in the S well
  play opening commitment well to                                      potential for a gas-condensate         • Prospect W 284mmbbls* is a 4-way
  be drilled by a third-party in the                                   charge into Jurassic clastics; focus     dip closed trap also targeting those
  neighbouring deepwater block                                         of an extensive seismic                  sands encountered in the S well
                                                                       reprocessing campaign
* Netherland Sewell and Associates Inc. (“NSAI”) estimate Gross Mean Prospective Resources

                                                                                                                                        June 2019      4
Oil Capital Presentation - Chariot Oil & Gas
Balanced Exploration Portfolio with Giant Potential
High impact Atlantic Margins explorer:
    • “Drill-ready” exploration assets in Morocco, Brazil and Namibia
    • Success in any of Chariot’s wells has the potential to create transformational value
    • Any success de-risks material running room in each licence

Clear and focused exploration risk management strategy:
    •    Portfolio diversity combined with focus on known geology
    •    Expert in-house sub-surface team applying state-of-the-art technology with proven operating capability
    •    Endorsement and risk-sharing through partnering

                                                                                                                                    CHAR
    •    Active portfolio management focused on quality
    •    Strong balance sheet with a track record of capital discipline

                                                                                                                CHAR
                                                                                                CHAR
        Company 2P Reserve & 2C Resource at YE20173 vs                                                 CHAR prospect net mean PR* for drilling inventory and
                 CHAR prospect net mean PR*                                                                            follow-on prospects

                                                                                                       Mohammedia-Kenitra                                                     BAR-M Licences              Central Blocks
                                                                                                            Morocco                                                               Brazil                    Namibia

                                                                                                                                                                                                                           mmboe
                                                                             mmboe

                                                                                                                              Prospect 1*
                                                                                                                                        Prospect 1*
                                                          CHAR

                                                                                                                                                                Prospect 1*

                                                                                                                                                                                            Prospect 1*
                                                                                                                                                      Prospect 1*

                                                                                                                                                                                  Prospect 1*
                                 CHAR
        CHAR

                                                                                                                                                                    *Stacked targets

* Netherland Sewell and Associates Inc. (“NSAI”) estimate of Gross Mean Prospective Resources

                                                                                                                                                                                                           June 2019               5
Oil Capital Presentation - Chariot Oil & Gas
Anchois – Material, High Value Gas Appraisal Project
                                                                                                                                               Anchois
                                                                                                                                            Discovery Well
   Key Facts:
                                                                                                                                                                      Gas Sand A
     • Anchois-1 gas discovery in 388 m WD, 40km from coastline
     • 2C Resource of 307 Bcf* in Gas Sand A and Gas Sand B
     • Prospective Resource of 116 Bcf* in Gas Sand C (Anchois Deep),
        untested in the well, making an estimated total remaining                                                                                               Gas Sand B
        recoverable resources of 423 Bcf
     • Excellent quality reservoirs expected to deliver high rate wells
     • Sales quality gas: C1 - 97%; C2 – C4 2%; C5+ - 0.8%                                                                                                       Gas Sand C
   Work Programme:
     • 3D reprocessing and re-evaluation of the subsurface
     • Partnering and developing strategic alliances
     • Developing the gas market, testing development concepts
                                                                                                                                       Gas Sand A                        Gas Sand B
     • Contingent appraisal well, suspended as a potential producer
                                                                                                                                            Gross column: 48m                      Gross column: 49m
                                                                                                                                            Net Pay: 20m                           Net Pay: 35m
                                                                           Chariot                                                          Av. Porosity: 28%                      Av. Porosity: 25%

                                                        Anchois-1
      Chariot Licence

      Lixus 3D 1400 km2                                                     Lixus
                                                                                                                                                    GWC                                   GWC

      Moh / Ken 3D 2700    km2
                                                                                                                                             25 m
                                                                                                                                                                                   25 m
      Oil Fields                                   RSD-1

      Gas Fields

                                              Kenitra
                                           Mohammedia

                                                  Chariot
                                                                                                    Morocco
GME*– Mahgreb-Europe-Gas pipeline
                                                                                                                           Anchois-1                                   Anchois-1

           * Netherland Sewell and Associates Inc. (“NSAI”) estimate of Gross 2C Resources or unrisked 2U Prospective Resources

                                                                                                                                                                                   June 2019           6
Oil Capital Presentation - Chariot Oil & Gas
Additional on-block running room
Key Facts:
• All on-block discoveries exhibit AVO anomalies, all dry wells
  have no anomalies
• AVO conditioned products only currently available over the
  2006 3D seismic surveys                                                                            Lixus
• Anchois & satellites are an amplitude-supported discovery
  and prospect inventory with remaining recoverable resources
  of >1 Tcf*
• Additional On-Block Inventory PR >850 Bcf**
                                                                                                                                   Maquereau N
Exploration Programme:
• 3D reprocessing, AVO and quantitative interpretation                                                                                      Maquereau C
• Contingent exploration well for potential Phase II tie-back
  development, subject to partnering                                                                                                               Maquereau S

                                                                                                                    NW         N
   2C Resource and Prospective Resource (PR) of Anchois*, Anchois                                          W
                                                                                                                                                           Turbot
      satellites* and the additional Prospect Inventory** (Bcf)
                                                                                                            Anchois
       Anchois &                                                                                         SW
       Satellites

                                                  Additional Prospect
                                                       Inventory
                                                                                                                                                                 Tombe
      PR
      2C                                                             PR
                                             PR

                                                                                                                                                      WD(m) from 3D surveys

                            * Netherland Sewell and Associates Inc. (“NSAI”) estimate of Gross 2C Resources or unrisked 2U Prospective Resources
                            ** Chariot Internal Estimate of 2U Prospective Resources or Remaining Recoverable Resources                                                       June 2019   7
Oil Capital Presentation - Chariot Oil & Gas
Strong value generation from Anchois & Satellites
                                                                                            Phase I potential development
                                                                                                                                                                             423 Bcf
                                                                                                                       90 mmscf/d                                           (2C + 2U)*
                                                                                                                 2C + 2U (A, B & C sand)

                                                                                                                                                                          307 Bcf (2C)*
                                                                                                                       70 mmscf/d
                                                                                                                      2C (A & B sand)

                                                                                                                                                                                          Bcf
                                                                                             mmscf/d
                                                                 Onshore Central
                                                                Processing Facility
                                                                                                           35 mmscf/d                                                     156 Bcf (1C)
                                                                                                               1C

                                           14” gas pipeline &
                                            control umbilical

Anchois Satellites:
Exploration Drilling                      Anchois Field:
    & Phase II                           Phase I Mid Case
  Development                             Development

                                                                                           Phase II potential development
                                                                                                                                                                            731 Bcf*
                   Subsea tie-back to
                                                                                                                                 90 mmscf/d
                   Anchois manifold in
                      success case
                                                                                                                      2C + 2U + 2U of Anchois N satellite

                                                                                                                                                                       308 Bcf Anchois N
                                                                                                                                                                       satellite (2U PR)*

                                                                                             mmscf/d

                                                                                                              Phase I                                Phase II

                                                                                                                                                                                          Bcf
                                                                                                           Anchois Field                         Anchois N Satellite

  * Netherland Sewell and Associates Inc. (“NSAI”) estimate of Gross 2C Resources and unrisked Gross 2U Prospective Resources

                                                                                                                                                                           June 2019            8
Oil Capital Presentation - Chariot Oil & Gas
Growing Moroccan Gas Market with attractive gas prices
                                                                                                                                                                 Power plants
• Moroccan energy demand is forecast                                                                                       Pipelines
                                                                                                                                                             Coal
  to double between 2015 and 20301                                                   GME Export   ~1200 mmscf/d            Planned
                                                                                                                           pipelines                         Fuel Oil

• Moroccan power generation is                                                         Tahaddart CCGT (400MW)                                                Gas
                                                                                                                           Planned LNG Re-
                                                                                                  ~50 mmscf/d
  principally from imported coal, fuel                                                                                     Gas plant                         Hydro
  oil and gas1                                                                                       Lixus
                                                                                                                                                             Planned Gas

• Ministry of Energy focus is security of                                       Dhar Doum CCGT (1200MW)
  supply; access to energy at low cost and                                                 ~150 mmscf/d

  minimizing the impact on the
                                                                              Kenitra Fuel Oil (315MW)       Sebou
  environment5                                                                ~40 mmscf/d

• Supportive government with a desire                                               Kenitra
  to utilize indigenous gas vs. imported                                         Mohammedia                                                                          Aïn Beni Mathar
  fossil fuels - 2018 petroleum imports
  expected to be ~$6.6Bn

• $8.50 - $9/mcf expected gas price to                          Jorf
                                                               Lasfar
  power sector (linked to $70 - $75/bbl
  Brent) sets a very attractive local gas                                                                                                                                 Tendrara
  price                                                                                                                                                              © OpenMapTiles
1
                                                                                                                                                                        Ain Beni
      Primary Energy Demand                                             Power Generation                                                Gas Consumption                  Mathar

                                                                                                                     Gas

                                                                                                                                               GME
                                                                                                                                                     Tahaddart

                                                                                                                                                      POWER GENERATION
                                                                                                    Coal
                                                                                                                                        Industry
                                                                        Oil

       BP Statistical Review 2018, IEA, ONEE, Gas Strategies

                                                                                                                                                                 June 2019             9
Oil Capital Presentation - Chariot Oil & Gas
Strategy focused on transformational value

                       ACCESS                                                                   RISK MANAGEMENT
• Secure large acreage positions in new and                                            • Apply risk reduction technologies
  emerging basins
                                                                                       • Levered partnering at investment phases
• Take operated position in the early
  phases to maintain control over destiny                                              • Position the portfolio as a Fast Follower

• Build a diversity of basins and plays                                                • Maintain portfolio diversity & management

• Retain broad portfolio and risk profile                                              • Maintain strict Capital Discipline

                                                            DELIVERY
               • Build a drill-ready inventory with the potential for transformational value:
                   • 1 drill-ready prospect in Brazil
                   • Drill-ready portfolio of prospects in Morocco
                   • Morocco appraisal drilling programme in preparation

               • Accelerate the drilling programme: MOH-B Q1 2020*; Anchois appraisal 2020*; Brazil drilling 2021*

               • Return transformational shareholder value by the early monetisation of discoveries
    * Subject to partnering

                                                                                                                         June 2019   10
Multiple Value Triggers

                                                   2H                              1H                             2H                              1H                            2H
 Country             Licence
                                                  2019                            2020                           2020                            2021                          2021

                 Mohammedia
                                                                                Drilling*
                                             Well Partnering
                        75%                                                         MOH-B
                                                                                 637mmbbls***

                       Lixus                                                                  Drilling*                                                                   Drilling**
 MOROCCO                                  Seismic
                        75%             reprocessing                                   Anchois-2 Appraisal well                                                          Lixus Phase II
  Seismic                                                                                     423Bcf***                                                                 exploration well
reprocessing

                     Kenitra                                                                                                          Drilling**
                                                Partnering
                        75%                                                                                                               Kenitra-1
                                                                                                                                         445mmbbls***

  BRAZIL             BAR-M-                                                                                                                   Drilling**
                   292/3 BAR-               Well Partnering
No remaining        M-313/4
commitments                                                                                                                                      Prospect 1
                       100%                                                                                                                     911mmbbls***

 NAMIBIA         Central Blocks
                     PEL 71                                                                                                                                               Drilling*
                                                Post-well                                                  Well Partnering
No remaining      2312 & 2412A
                                               evaluation
commitments                                                                                                                                                                 Prospect V
                        65%                                                                                                                                                 339mmbbls***

   New
                       100%                                                               Evaluation of New Venture Opportunities
 Ventures

    * Subject to partnering    ** Subject to partnering and dependent on outcome of adjacent drilling   *** NSAI estimate of 2C +2U resources, or Gross Mean Prospective Resources

                                                                                                                                                                                       June 2019   11
Experienced and Operationally Excellent Team
                                                                    Saipem 12000
                                   CEO
                             Larry Bottomley                                                     RSD-1
                                                                                              March, 2018
                              Formerly at BP,
                             Perenco, Hunt Oil
                             and Triton Energy

        Drilling Manager                                CFO
        David Brecknock                           Julian Maurice-
                                                      Williams
       Formerly at Ophir,
        Perenco, Devon,                          Formerly at BDO    Morocco
          Shell and BG
                                                                         Non-operated zero-cost well

                                                                    Ocean Rig Poseidon

          Exploration                             Commercial
                                                    Manager                                   Prospect S
            Manager                                                                          October, 2018
         Duncan Wallace                            Alex Green
       Formerly at Perenco                        Formerly at
                                                 Paladin and BG

             Chief
                                                    Group
         Geoscientist
                                                   Financial
         Julia Kemper
                                                  Controller
       Formerly at Shell,                        Paul Breaden
           BP, and                                                  Namibia
                                                  Formerly at
           Hunt Oil                               Deloitte and       Operated well setting new industry
                                                     E.ON            benchmark for deepwater drilling

                                                                                               June 2019     12
High Impact Atlantic Margins Oil & Gas Company

                                     Balanced
                                  portfolio with
                                  giant potential

              Strong Balance                           Material, high-
              Sheet through                          value gas appraisal
             Capital Discipline                            project

                                                          Growing
              Experienced &
                                                       Moroccan gas
               operationally
                                                        market with
              excellent team
                                                     attractive pricing

                                  Strategy focused
                                         on
                                  transformational
                                       growth

                                                                           June 2019   13
Appendices -
Portfolio

               June 2019   14
Portfolio Theme

                    Nova Scotia                                                                         Morocco

   Late
 Jurassic

                          Reserve 4TCF and associated liquids
                     Panuke Deep (Encana) Sable (ExxonMobil, Shell)

                     Argentina / Uruguay                                                                Namibia

   Early
Cretaceous
                                               Springhill play Repsol et al
                        BP, Shell, Total, Exxon, Statoil, Tullow, Petrobras, YPF

                     Brazil Barreirinhas                                                                 Ghana

   Mid
Cretaceous

                                                                                    Jubilee 370mmbbls
                                                                                   TEN 300-500mmbbls

                               Discoveries                 Exploration targets

                                                                                                          June 2019   15
Morocco Summary

Ownership:                                                                                                                                                    Chariot

• Lixus 75% (Op.); ONHYM 25%                                                                                                                      Anchois-1
                                                                                                                                                                               Gas
• Kenitra 75% (Op.); ONHYM 25%                                                                                                                                              production
• Mohammedia 75% (Op.); ONHYM 25%                                                                                                                              Lixus
                                                                                                                                                  MOH-B

Recent Chariot Activity:
• Zero-cost in the Rabat Deep 1 (RSD-1) dry well                                                                                             RSD-1

  having achieved a full carry from Eni
• Completed CPR of the Anchois discovery and                                                                                           Kenitra                KEN-A
  new prospects in Lixus and refined prospective                                                                                    Mohammedia
  resource estimates over Mohammedia and
  Kenitra                                                                                                                                    Chariot
                                                                                                                                                                        Jurassic light oil
                                                                                               Morocco                                                                    production
RSD-1 Well results:
• Middle Jurassic carbonates were tight with minor oil and gas shows
• Geochemistry indicates the potential for a re-discovered petroleum system with hydrocarbon migration from a Cretaceous
  or younger source rock
• Upper Jurassic reservoir quality sandstones and effective seal encountered which supports the key play elements of the
  prospects in Mohammedia and Kenitra

Chariot Planned Activity 2019/2020:
• Drill MOH-B** (Mohammedia), with KEN-A*** (Kenitra) back-to-back subject to partnering:
 • MOH-B 637mmbbls* is an attribute supported, 3-way dip and fault closed prospect in 400m WD targeting Upper Jurassic
    deltaic clastics and described by the 3D seismic programme acquired in 2017
 • KEN-A 445mmbbls* is an attribute supported, Upper Jurassic clastic prospect in 750m WD defined by the 3D seismic
    programme acquired in 2017
• Potentially drill Anchois-2** appraisal well (Lixus), subject to partnering and off-taker requirements, to be suspended as a
  potential future producer

* NSAI estimate of Gross Mean Prospective Resources   ** Subject to partnering   *** Subject to partnering and dependent on outcome of adjacent drilling

                                                                                                                                                                         June 2019           16
Morocco Portfolio – Mohammedia / Kenitra
  Line 1
                                           RSD-1                                                                                                    LBS-1
                                                                                                       Seabed pock-marks with
                                                                                                        geochemical anomalies
 Seabed
                                                                                                                                PLIOCENE

                                                                                                                                                                                   NAPPE

                                           Anchois, LNB-1 & RJB-3      Ain El Hamra oil field Srafah            E                  E                                                             W
              Thermogenic
                                         thermogenic gas discoveries             oil seep                           Line 2
                                                                              Tselfat oil field
           hydrocarbons in mud                                                   K source
                volcanoes

                      LBS-1 gas                                                                                                                                        MOH-A
                    shows / flows
                                                   Lixus

     Oleananes                                                                                                                                                         MOH-B
      in RSD-1                                                                                          MOH-B
                             Kenitra                                                                    upside
                            Mohammedia

DSDP 545
                                                                                                                                                                                 Isometric of P1
K shales ~ 4% TOC
                                                                                                                                                                                 surface viewed
                                                                              Timahdit
                                                                             15Bbbls OIP                                                                                         from the north,
                                    Cretaceous (K)
                                   oil shale deposits
                                                                                                                                                                                  looking south

                           Bahira - Tadia                                                                                                  P1 (F-N)*F showing Class III AVO anomalies in green

                                                                                                                                                                                     June 2019       17
Lixus – Anchois Satellite Prospects
                                                                                                          Anchois        Anchois W
B Sand Top Reservoir Amplitude                                Anchois N
                                                                                                      B     NE
                                                                                                                                                  Anchois N

                                                             Anchois
                       Anchois W

    Anchois
     WSW
                                                                                                                          89* Bcf                 308* Bcf

                                     A                                                                                   Anchois WSW              Anchois SW
                                 A

      Anchois SW
               Anchois S
                                                                                                                          61* Bcf                 101* Bcf

A                                                                                                                                                                        B

                                                                                                                                                        Anchois N
                      Anchois SW                                                                                                       Anchois
                                                                 Anchois W

                                     Anchois WSW

                                                                                                                                       Anchois Deep

                                             * Netherland Sewell and Associates Inc. (“NSAI”) estimate of 2U Prospective Resources
                                                                                                                                                             June 2019   18
Morocco Portfolio – Lixus – Additional prospects
                                                                                                                                                                       Maquereau North

                                                                                                                                 Maquereau
                                                                                                                                   N,C,S                               254** Bcf

                                                                                                                                                                      Maquereau Central

                                                                                                                                                                       93** Bcf
                                                                                                                                                                      Maquereau South

Regional amplitude map
 over Lixus 3D surveys                                                                                                                                                 102** Bcf
        2C and Prospective Resource (PR) of
               Lixus inventory (Bcf)                                        Turbot                                                                                    Tombe

PR

                                                            PR
2C

                                        PR

                                                                                                                                               330** Bcf                                              66** Bcf
     * Netherland Sewell and Associates Inc. (“NSAI”) estimate of 2C Resources or 2U Prospective Resources ** Chariot Internal Estimate of 2U Prospective Resources

                                                                                                                                                                                          June 2019          19
Brazil Summary

         2000 m WD
                                                                                                                                                  Jubilee Field

                1 well

                                                                                 Brazil           Barreirinhas Basin

                                                   Multiclient 3D Seismic
  400 m WD         1 well                                14,500 km2

                                                    6 wells
                                                                                            Ownership:
    Chariot
   3D seismic                                                                               • BAR-M-292, 293, 313, 314; 100% (Operator)
    775km2                             1 well                                     2 wells

                                                                                            Recent Chariot Activity:
                                                                                            • Identified large structural prospect with multiple
                                                                                              stacked targets from proprietary 3D seismic
                             50 m WD                                                        • 7 stacked reservoir targets including drape over a
                                                                                              200km2 4-way dip-closed structure, with individual
                                                                                              prospective resource ranging up to 366mmbbls*
                                                                                            • Single well in Prospect 1 can penetrate 911mmbbls* of
                                                        Barreirinhas Basin Activity           prospective resource in TP-1, TP-3 and KP-3 targets
                                                     # wells   Commitment wells by area
                                                                 R11 3D Seismic Coverage
                                                                                            Chariot Planned Activity in 2019:
Industry Activity:                                                                          • Partnering process initiated for a partner to join in
• 11 deepwater commitment wells to be drilled in the basin.                                   drilling to follow a play opening commitment well to be
                                                                                              drilled by a third-party in the neighbouring deepwater
• 1 well committed in the block north of Chariot’s acreage.                                   block

* NSAI estimate of On-Licence sum of the Gross Mean Prospective Resource

                                                                                                                                           June 2019              20
Brazil Portfolio
                                                     SW                                                                                          NE

           Shell

           1 well

                                                                                                  R   TP-1

                                                                                                             TP-2   R

• All petroleum play elements                                                                                                    R
  proven by nearby drilling                                                                                               TP-3

• Shallow water wells in the
  basin have encountered
  excellent quality, oil-prone
  source rocks modelled to be
  oil mature in the fetch area
  for Chariot’s targets
• Excellent quality Tertiary
  and Upper Cretaceous
  turbidite reservoir rocks
  encountered in nearby
  deepwater well with good
  porosity and permeability.
• TP-1, TP-3 and KP-3 can be
  penetrated by a single well
                                                          TP-1 – 366mmbbls*   TP-3 – 344mmbbls*       KP-3 – 201mmbbls*              Targets

    * NSAI estimate of On-Licence Gross Mean Prospective Resources

                                                                                                                                     June 2019        21
Namibia Summary
Ownership:
• PEL 71 Central Blocks: 65% (Op.); Azinam 20%; NAMCOR 10%; BEE 5%
• PEL 67 & 72 Southern Blocks: Post-drilling 10% back-in option at no cost                      Good
                                                                                              reservoir

Recent Chariot Activity:                                                       2 source
• Chariot safely operated the drilling of the deepwater well on Prospect         rocks

  S in Q4, 2018 using the Ocean Rig Poseidon                                                              41 API Oil
• The well was dry, encountering stacked water-bearing turbidite
  reservoirs                                                                  Prospect V                               Prospect B

• The well was drilled for $16m gross, approximately $10m under budget,                                                Prospect S
  which is likely to become the new benchmark for the sector                                                              DRY
                                                                              Prospect W

Chariot Planned Activity in 2019/2020:                                          Central
                                                                                Blocks
• Post-well analysis of logs, samples and cuttings for failure analysis and
  to determine the implications of the well results on the prospectivity        Southern
  of the remaining prospect inventory                                         Blocks Option

• Continue to support NAMCOR on the marketing of the Southern Blocks
  in fulfilment of the back-in option                                         World-class
                                                                              source rock

Industry Activity:                                                             2 source
                                                                                 rocks
• ~3 wells in 2019 – 2020, with a well in the adjacent block planned for
  2020

                                                                                                                         Kudu Gas
                                                                                                                           Field

                                                                                                                                    June 2019   22
Namibia Portfolio
                                                                                Prospect S
                                                                                   DRY

                                                                                                           R                           B
                                                                                           S
         V                                             U
                                                                                                                               R
                 R                                                                                                                         R
                                                                            R
                                                                                                   R
                                                                            R

                                                                                                           Inboard kitchen

• Prospect S encountered                                   Primary Source       Secondary Source       R   Primary Reservoir       R   Secondary Reservoir

  water bearing turbidite
  reservoir sands
• Post-well analysis
  underway as part of the
  well failure analysis
• Integration of all wells to
  understand implications
  for the remaining
  inventory in acreage that
  extends to 16,800 km2
• All petroleum play
  elements proven by
  nearby drilling.
                                                  Prospect W                                                                                    Prospect V
• Note that Prospects V & W                       284mmbbls*                                                                                   339mmbbls*
  access an outboard source
  kitchen, different to the
  inboard kitchen postulated
  for Prospect S                                        A well in the adjacent block, on trend with Prospects V & W, is planned for 2020
 * NSAI estimate of Gross Mean Prospective Resources

                                                                                                                                            June 2019        23
Appendices -
Corporate

               June 2019   24
Board of Directors

Larry Bottomley          George Canjar              Adonis Pouroulis         Robert Sinclair           Chris Zeal               Andrew Hockey
Chief Executive          Non-Executive              Non-Executive            Non-Executive             Non-Executive            Non-Executive
Officer                  Chairman                   Director                 Director                  Director                 Director
Over 35 years with       Over 35 years with         Extensive experience     Managing Director of      Over 30 years’           Over 35 years’
Perenco, Hunt Oil,       Hess, Shell and Davis      in the mining sector,    Artemis Trustees          experience across a      experience in the oil &
Triton Energy and BP     Petroleum supervising      primarily on the         Limited, a Guernsey-      wide range of sectors,   gas industry, with
with a track record of   exploration & seismic      African continent with   based fiduciary           and retained by over     specific expertise in
building exploration     operations; deep           expertise in the         services group.           20 FTSE100 companies     the development and
and production           offshore W. Africa and     discovery, exploration   Over 45 years’            including British Gas,   production of gas
businesses on the        the Gulf of Mexico.        and production of        experience in finance     Cairn Energy and         assets in the UKCS
international stage.     Broad experience in the    natural resources.       and accountancy, of       Tullow Oil.              sector.
Strong background in     E&P sector and specific    Founded and listed       which over 39 have        Previously Managing      Founder & NED of
integrated geoscience,   expertise in deal          Petra Diamonds (LSE:     been spent in the         Director at Jefferies    Fairfield Energy Ltd and
managing teams,          structuring, portfolio     PDL) in 1997 – a FTSE    Guernsey financial        Hoare Govett ( a         previous experience
building relationships   development, risk          250 company and one      services industry.        division of Jefferies    with Eni, Fina, LASMO,
with partners,           analysis, strategic        of the largest           Extensive experience of   Inc.) specialising in    Triton Energy and
governments and host     modelling as well as a     independent diamond      offshore trusts and       corporate broking and    Monument.
agencies, delivering     variety of corporate       producers in Africa      corporate entities and    investment banking.      Currently CEO of
work programmes and      activity.                  today.                   financial planning for    Director at Ventus VCT   Independent Oil & Gas,
creative commercial      Currently Executive        Co-founder of Chariot    both individuals and      plc, a company           a UK-based
solutions, and           Vice President of New      and a founder of Pella   corporations.             invested in renewable    Development and
discovering and          Ventures for Carrizo Oil   Resources                                          energy Companies in      Production Operator
developing giants.       and Gas.                                                                      the UK.                  with assets in the
                                                                                                                                Southern North Sea gas
                                                                                                                                basin.

                                                                                                                                             June 2019     25
Corporate Snapshot

Key Shareholders                                                                  Market Statistics

Shareholders*                                                               %

Total Board & Senior Management                                             8.2   Listing                                                        AIM, London

         Including Westward Investments Limited (A Pouroulis -
                                                                            7.8   Ticker Symbol                                                     CHAR
         Director & Founder)

YF Finance                                                                  7.0   Issued Shares (at 11 June 2019)                                367,259,909

Protech Namibia (Pty) Limited (H Ndume – Founder)                           5.5   Share Price (at 11 June 2019)                                     4.46p

*Figures as per latest Orient Capital share holding analysis (19.03.2019)         Market Capitalisation (at 11 June 2019)                        ~US$20.9m

                                                                                  Total Director / Employee share awards (at 31 December 2018)   27,152,919

                                                                                                                                                   June 2019   26
Progress to Date

Chariot was founded in 2008 with an IPO on AIM raising US$90m on a Namibia-focused exploration portfolio.

        Acquired                  Acquired                 Re-award                           Acquired                  Option                 Acquired
 BAR-M-292,293,313,314        Mohammedia Recon           Central blocks                  Mohammedia & Kenitra       Southern Blocks              Lixus
         Brazil                   Morocco                   Namibia                           Morocco                  Namibia                 Morocco

          Casablanca lapsed     Northern Blocks lapsed          Loukos lapsed           C-19 lapsed                                Rabat Deep lapsed
              Morocco                  Namibia                    Morocco               Mauritania                                     Morocco

 3,500km²        2,128km 2D     1,700km²        1,700km 2D          2,600km² 3D         775km²        1,027km² 3D
    3D              2714B          3D          Central blocks       Central blocks        3D          2,254km 2D
 Mauritania        Namibia       Morocco          Namibia             Namibia            Brazil         Morocco

 Farm-in Cairn                    Farm-in Woodside                                   Farm-in Eni                             RSD-1          Prospect S
     C-19                            Rabat Deep                                      Rabat Deep                               well             well
  Mauritania                          Morocco                                         Morocco                               Morocco          Namibia

2013                   2014                    2015                       2016                     2017                 2018                        2019

                          Placing raises US$14.0m                                                                   Placing raises net US$16.5m
                          to fund NV and Brazilian                                                                   to fund drilling of Prospect
                             seismic programme                                                                               S, Namibia

                                                                                                                                                    June 2019   27
Countries

                    MOROCCO                         NAMIBIA                           BRAZIL                              ATLANTIC MARGINS EXPLORER
GDP                 US$109.3 billion                US$13.24 billion                  US$2.0 trillion                      South Atlantic 100 Ma Reconstruction
Annual Growth       4.1%                            3.9%                              1%
Population          34.3 million                    2.5 million                       208.8 million
Inflation           0.8%                            4.5%                              4.5%
Major Industries    Automotive parts; phosphate     Meatpacking; fish processing;     Textiles; shoes; chemicals;
                    mining and processing;          dairy products; beverages;        cement; lumber; iron ore; tin;
                    aerospace; food processing;     mining (diamonds; lead; zinc;     steel; aircraft; motor vehicles
                    leather goods; textiles;        tin; silver; tungsten; uranium;   and parts; other machinery and
                    construction; energy; tourism   copper)                           equipment
Major Trading       Spain; France; USA; China       South Africa; South Korea;        China; USA; Argentina;
Partners                                            Botswana; Switzerland             Netherlands
                    Constitutional monarchy;        Democracy; Good relations         Democracy; Significant player
                    Robust economy; Good trade      with neighbours; Encouraging      in world markets; Diverse
                    relations                       international foreign             economy
                                                    investment
Country risk profile BBB-                           BBB-                              BB

                    CHARIOT MOROCCO:                CHARIOT NAMIBIA:                  CHARIOT BRAZIL:
                    Tax & Royalty:                  Tax & Royalty:                    Tax & Royalty:
                    • 10 year Corporation Tax       • Royalty: 5%                     • Royalty: 10%
                      Holiday on production         • 35% Corporation Tax and         • 34% Corporate Income Tax
                    • Royalty: Oil 7-10%, Gas         CGT                               and CGT                         South Atlantic 100 Ma Reconstruction
                      3.5-5%                        • 25%- Additional Profits         • ~15% indirect value added
                                                                                                                        Sources: CIA World Factbook (2016/2017 estimates);
                    • 31% Corporation Tax and         Tax when IRR >15% Cash            taxes on Opex & Capex           FCO; Standard and Poor’s; Fitch Group;
                      CGT                             flow after Corporation            and other minor taxes and       http://globaledge.msu.edu/countries/namibia/trad
                    • Tax & customs duties            Tax                               fees                            estats
                                                                                                                        ONHYM presentation 2nd Morocco Oil & Gas Summit
                      exemptions                                                      • Special Participation Tax       2019
                                                                                        depending on water depth
                                                                                        and production rates

                                                                                                                                                               June 2019     28
Chariot Portfolio and our neighbours

                                                             MOROCCO

                                        Chariot’s acreage
                                       holdings transposed
                                        on to southern UK

                                                                 BRAZIL
  NAMIBIA

                                                                 June 2019   29
Portfolio Maturity

          Contract Area    Acquired   Working    Approximate    Operator     Ongoing        Seismic
                                      interest   licence area              commitments     database
                                                     (km2)
Morocco Offshore

Lixus                       2019        75%         2,390       Chariot      Seismic       950km 2D
                                                                           reprocessing   1,425km2 3D
Kenitra                     2017        75%         1,400       Chariot       None        710km2 3D

Mohammedia                  2016        75%         4,654       Chariot       None        2245km 2D
                                                                                          693km2 3D
Namibia offshore

Central Blocks              2014        65%        16,800       Chariot       None        4,700km 2D
                                                                                          6,100km2 3D
Brazil Offshore

BAR-M-292, 293, 313, 314    2013       100%          768        Chariot       None        775km2 3D

                                                                                               June 2019   30
Prospect Inventory

Netherland Sewell and Associates Inc. (“NSAI”)

Morocco                                                                                                          Morocco
                                                      Unrisked Gross (100 percent)                                                                                  Unrisked Gross (100 percent) Probability
                                                      Contingent Gas resources* (BCF)       Probability          Block/                                              Prospective Gas resources   of Geologic
Block/                                                Prospective Gas resources (BCF)       of Geologic                  Play                 Prospect/Lead                  (MMBBLS)
        Play               Field/ Prospect                                                                       Licence                                                                           Success
Licence                                                                                       Success                                                                                                (Pg)
                                                           1C*       2C*       3C*     Mean                                                                            1U     2U      3U Mean
                                                                                                (Pg)
                                                            1U        2U        3U     Mean                                M Jur Carbonate    JP-2                      9     80     334    117      12%
                           Anchois A sand*                  45       107       143       100        N/A                                       MOH-A                   120    406     898    467      22%
                           Anchois B sand*                 111       201       290       201        N/A                                       MOH-B (P1)               73    199     426    229      20%
                           Anchois CR*                     156       307       433       301                                                  MOH-B (P3/4)            121    349    7788    408      20%
                                                                                                                        Upper Jurassic
                           Anchois Deep (C Sand)            56       116       172       115        N/A
                                                                                                                 Moham- shallow water         MOH-B (RRR1)                                  637
                           Anchois (RRR1)                  212       423       605       416                            deltaic sands
                                                                                                                 media                        MOH-C (PS)               53    137     292    158      18%
                           Anchois N                       140       308       492       297        43%
                           Anchois W                        45        89       134        86       35”%                                       MOH-C (P11)              90    246     525    284      20%
            Tertiary
Lixus       turbidite      Anchois NW                       10        29        51        28        34%                                       MOH-C (RRR1)                                  442
            sands          Anchois SW                       42       101       165        98        28%                    Tertiary turbite   EOP-1                    13     37     100     45      11%
                           Anchois WSW                      22        61       110        60        23%                    sands              EOP-2                     7     23      63     28      15%
                           Maquereau N**                   111       254       457       272        27%                                       KEN-A                   128    380     846    445      19%
                                                                                                                           Upper Jurasic
                           Maquereau C**                    54        93       145        97        27%          Kenitra
                                                                                                                           sands              KEN-B                   116    380     876    448      18%
                           Maquereau S**                    41       102       190       110        22%
                           Tombe**                          26        66       120        70        29%
                           Turbot**                         85       330       763       388        16%          Brazil
                                                                                                                                                                     On-Licence Unrisked Gross  Probability
Namibia                                                                                                          Block/                                              (100 percent) Prospective  of Geologic
                                                                                                                         Play                 Prospect/Lead           Gas resources (MMBBLS)
                                                          Unrisked Gross (100 percent) Probability               Licence                                                                          Success
                                                           Prospective Gas resources                                                                                   1U     2U      3U   Mean     (Pg)
Block/                                                                                 of Geologic
        Play                     Prospect/Lead                     (MMBBLS)
Licence                                                                                  Success                                              TP-1                     95     302    722    366      16%
                                                             1U     2U      3U Mean        (Pg)                                               TP-2                     74     236    517    290      16%
                                                                                                                           Tertiary turbite
                                                                                                                 BAR-M-
            Upr Cret slope       Prospect B                  203      450       818      469       22%                     sands              TP-3                    122     292    620    344      21%
                                                                                                                 293
            fan prospects
Central                                                                                                          &                            TP-4                     21      52     82     64      19%
Blocks      Upr Cret             Prospect V                   86      302       716      339       24%           BAR-M-                       KP-1                     10      29     67     35      17%
            turbidites in 4-     Prospect W                   75      252       601      284       25%           314       Cretaceous
            way dip closures                                                                                                                  KP-2                     44     122    246    148      12%
                                                                                                                           turbidite sands
                                                                                                                                              KP-3                     61     169    356    201      15%
All Contingent Resource (“CR”) and Prospective Resource (“PR”) estimates are gross and based on the evaluation
of 3D seismic data
                                                                                                                                              Prospect 1 (RRR1)                             911
RRR1         Remaining Recoverable Resource                                                                                                   (TP-L, TP-3 & KP-3)
*            Netherland Sewell and Associates Inc. (“NSAI”) estimate Contingent Resources
**           Chariot Internal estimate

                                                                                                                                                                                                  June 2019    31
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